Forex: USD/JPY: Support at 90.15/12 remains exposed - Commerzbank

By IBT Staff Reporter On 09/24/09 AT 12:23 AM

FXstreet.com (Barcelona) - The Dollar seems unable to take off from 90.15/20 support area, resistance at 91.60 area has capped the Dollar once again, and the pair trades at the moment right above 90.20 level.

Failure to hold above here, according to Karen Jones, technical analyst at Commerzbank, could drive the pair to 87.55/15: We suspect that the market is merely consolidating and with corrective rebounds so tepid, the 90.15/12 support remains exposed. Failure here targets 87.55/15.

On the upside, Jones expects the 20-day MA, at 91.90 to cap rallies: Rallies are expected to find initial resistance offered by the 20 day ma at 91.90 and remain capped by 93.05/30 - while below here the market will remain directly offered.